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FOR IMMEDIATE RELEASE
Tower International Reports Fourth Quarter Results
Better Than Outlook and Outlines
Anticipated Above-Industry Growth through 2019
LIVONIA, Mich., February 14, 2017 – Tower International, Inc. [NYSE: TOWR], a leading integrated global manufacturer of engineered automotive structural metal components and assemblies, today announced fourth quarter 2016 results, provided a preliminary outlook for 2017, and discussed its outlook for revenue growth through 2019.
|·||Revenue for the fourth quarter was $462.3 million, up 2% from $454.9 million in the fourth quarter 2015.|
|·||Net income in the fourth quarter was $16.9 million or $0.81 per diluted share, compared with $145.1 million of $6.76 per diluted share last year. As detailed below, this year’s fourth quarter included certain items which adversely impacted results by $4.3 million. Certain items in the fourth quarter a year ago favorably affected results by $128.5 million, reflecting primarily the release of a U.S. tax valuation allowance. Excluding these certain items in both periods, Diluted Adjusted Earnings Per Share were $1.02 in the fourth quarter 2016, compared with $0.77 a year ago.|
|·||Adjusted EBITDA for the quarter was $56.2 million, compared with $45.9 million a year ago, an increase of 22 percent from last year. The year-over-year increase reflected primarily the benefit of major new business wins, lower launch costs and favorable commercial settlements.|
|·||In the fourth quarter the company generated $62.6 million of free cash flow bringing full year 2016 free cash flow to $21.4 million.|
|·||Net debt at December 31, 2016 was $327.5 million, an improvement of $66 million from September 30 (excluding cash attributable to discontinued operations). This reflected the significant free cash flow generation in the fourth quarter and $4 million received for the previously disclosed divestiture of a joint venture in China.|
|·||Year-end liquidity was $292 million increasing $54 million from the end of the third quarter.|
|·||For full year 2017, the preliminary outlook includes:|
|-||1% growth in revenue, to $1.925 billion, despite an anticipated currency translation headwind of $35 million (with an average Euro assumption of $1.05), and a 1.5% year-over-year decrease in forecasted North American industry production;|
|-||Adjusted EBITDA up 4%, to about $210 million;|
|-||Adjusted EBITDA margin increasing by 40 basis points, to 10.9%;|
|-||Diluted Adjusted Earnings Per Share of $3.60, an increase of 7% from 2016; and|
|-||Free cash flow of $55 million with strong cash flow in the second half of the year more than offsetting the cash outflow in the first half of the year.|
The following information was filed by Tower International, Inc. (TOWR) on Tuesday, February 14, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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